Product Development is also known as New Product Management. It is a series that includes the conceptualization, design, development and marketing steps of newly created or newly branded products. The purpose of product development is to meet the changing market needs, consumer demand, maintain the competitive position of the product or brand, and increase its market share.
Every product has its target customer. Therefore, defining the target market for a product is a critical component that must occur early in the product development process. While product development is being carried out, market research should be performed at every stage of the design process, including the unborn and subsequent versions of the product.